Business Commons^™

Shadow Banking And Regulation In China And Other Developing Countries, Steven L. Schwarcz

Faculty Scholarship

The rapid but largely unregulated growth in shadow banking in developing countries such as China can jeopardize financial stability. This article discusses that growth and argues that a regulatory balance is needed to help protect financial stability while preserving shadow banking as an important channel of alternative funding. The article also analyzes how that regulation could be designed.

Benefit-Cost Analysis And Distributional Weights: An Overview, Matthew D. Adler

Faculty Scholarship

Standard cost-benefit analysis (CBA) is insensitive to distributional concerns. A policy that improves the lives of the rich, and makes the poor yet worse off, will be approved by CBA as long as the policy’s aggregate monetized benefits are positive. Distributional weights offer an apparent solution to this troubling feature of the CBA methodology: adjust costs and benefits with weighting factors that are inversely proportional to the well-being levels (as determined by income and also perhaps non-income attributes such as health) of the affected individuals.

Indeed, an academic literature dating from the 1950s discusses how to specify distributional weights. And …

Proximity To Children: A Geospatial Approach To Understanding The Relationship Between Fast Food And Schools, Andrew Atwong

CMC Senior Theses

In a time when Americans are waking up to the health consequences of consuming fast food, researchers have discovered that fast food restaurants seem to be located in greater concentrations near primary or secondary schools. While this phenomenon affects the food environments of some children and carries implications as to their short term and long term health (which has also been well researched), this paper focuses primarily on fast food restaurants that are within walking distance of schools. Using Geographic Information Systems (GIS) to integrate geospatial, business, demographic, and food quality data, I use linear regressions to examine whether and …

Who Will Be The First To Buy Autonomous Vehicles? An Application Of Everett Rogers’ Diffusion Of Innovations Theory, Reilly Jackson Umberger

CMC Senior Theses

Autonomous, otherwise known as self-driving, vehicles represent the future of transportation. Vehicles that drive themselves offer far reaching benefits from increased leisure and productivity for individuals to significant improvements in congestion and infrastructure for governments. The autonomous car will radically change the way we look at transportation, and they are right around the corner. However, the question remains: are we ready? Are we, as a society, ready to hand over the steering the wheel and trust autonomous vehicles with our safety? This paper predicts how the autonomous car will spread through society by analyzing and applying the product qualities and …

In The Race To Reach New Wine Drinkers Old World Taste Is Losing Out, Lillian Knoepp

Capstones

But this old world is losing its grip on the wine industry. French wine production and consumption are falling while the New World of wine is gaining ground in both areas. Experts say that new wine making techniques and higher consumption in New World markets like the United States have changed the French wine industry.

For the French, more than just their wine industry is at stake. For many, the loss of French wine is a loss of French identity.

“They can't choose between the two. Because French people - we are wine and cheese - we are everything,” said …

A Forecasting Model For Container Throughput : Empirical Research For Laem Chabang Port, Thailand, Pitinoot Kotcharat

World Maritime University Dissertations

No abstract provided.

Two Essays In Finance And Economics: “Investment Opportunities In Commodity And Stock Markets For G7 Countries” And “Global And Local Factors Affecting Sovereign Yield Spreads”, Selma Izadi

LSU New Orleans Theses and Dissertations

In chapter 1, I investigate the return links and dynamic conditional correlations between the equity and commodity returns for G7 countries from 2000:01 to 2014:10. The commodity futures include BCOM Index which contains the futures and spot price of 22 commodities, Brent and Crude oil futures, gold and silver futures, Wheat, Corn and Soybean futures and CRB index. The finding indicates that during the full sample period GOLD, WHEAT and CORN have the smallest dynamic conditional correlations with all the Equity indexes. In addition, the correlations between the GOLD/Equity pairs are negative during the financial crisis. This fact indicates the …

Technical Analysis Under Knightian Uncertainty, Andre Mouton

Student Theses and Dissertations

Technical analysis, or the forecasting of asset price movements using past prices, is commonly practiced in financial markets but poorly explained by mainstream economic theory. I show that a technical rule can have predictive power when an asset’s payoffs are subject to Knightian uncertainty, defined as variation that cannot be described probabilistically (Knight, 1921). I present an asset-pricing model in which asset payoffs undergo periodic shifts in trend, and agents form expectations about these payoffs using a constant gain least squares (CGLS) rule. I investigate whether a second CGLS rule, operating on price, can provide a more accurate forecast of …

Mortgage Refinancing In Nigeria: Prospects And Challenges, Kama Ukpai, Phebian N. Bewaji, Adigun Mustapha, Olufemi Adetunji Edun, Olubukola Adegbe, Josiah Dassah

Bullion

The paper examines the mortgage (re)finance market in Nigeria with a view to identifying its prospects and challenges. The method adopted included a review of jurisdictional experiences on mortgage refinance and thereafter draw on some lessons of experience as the Nigeria case is considered as a country in transition. Further discussions centered on the challenges of financialization of mortgages, mortgage affordability, low awareness of mortgage refinancing, macroprudential risks and moral hazard that confronts mortgage refinance in the country. The paper, further, provides considerations with regard to value-reorientation, institutional, regulatory and legal infrastructures as prerequisites for successful mortgage refinance system.

An Examination Of U.S. Restaurant Firms' Internationalization In A Risk Context, Soyeon Jung

UNLV Theses, Dissertations, Professional Papers, and Capstones

The purpose of this dissertation is to advance the theoretical and practical understanding

of the relationship between publicly traded U.S. restaurant firms’ internationalization as a

corporate strategy and risks using a comprehensive set of risk measures: 1) market-based risk (i.e., systematic and unsystematic risk) and 2) accounting-based risk (i.e., standard deviation of return on assets (ROA), return on equity (ROE), and earnings per share (EPS) during the period of 2000-2013. This dissertation further investigates linear, nonlinear, and lagged effects of internationalization on restaurant firms’ risks. In summary, the findings of this dissertation reveal that internationalization tends to mitigate systematic risk, …

Beyond Beautiful*- Why Citizens Are Comparatively Happier, More Prosperous, More Peaceful, More Democratically Engaged And Less Selfish Living In Smaller States, Anthony Paul Buckley

Other

Half of all sovereign states in the world have a population of less than 6.2m (World Bank, 2014). The mainstream literature in most academic disciplines has chosen, by accident or design, to neglect the unique determinants of small state growth and development (Armstrong & Read, 2003; Read, 2014). These are extraordinary omissions when the collective evidence on the performance of smaller states on a wide range of economic, political, cultural and social indices is considered. Apart from the disproportionate representation that small states enjoy in the World Banks Upper-Middle and High Income categories, many small states also feature in the …

Evaluating The Impacts Of Respondent Errors In Arms: A Case Of Farm Service Agency Loans, Louise Nicole Mcminn

Graduate Theses and Dissertations

Many studies have used the U.S. Department of Agriculture’s (USDA) Agricultural Resource Management Survey (ARMS) to research various aspects involving the agricultural sector in the United States. Since nonresponse and inaccurate reporting may cause significant bias in statistical analysis, research was conducted to determine the magnitude of response error on the farm debt section of the ARMS Phase III. A multinomial logit model identified demographic, structural, and financial characteristics of FSA Farm Loan Program (FLP) borrowers who refused to indicate if they had end of year farm debt, or who accurately or inaccurately classified their farm operations as having end …

New Methodology For Constructing Real Estate Price Indices Applied To The Singapore Residential Market, Liang Jiang, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper develops a new methodology for constructing a real estate price index that utilizes all transaction price information, encompassing both single-sales and repeat-sales. The method is less susceptible to specification error than standard hedonic methods and is not subject to the sample selection bias involved in indexes that rely only on repeat sales. The methodology employs a model design that uses a sale pairing process based on the individual building level, rather than the individual house level as is used in the repeat-sales method. The approach extends ideas from repeat-sales methodology in a way that accommodates much wider datasets. …

Intraday Value-At-Risk: An Asymmetric Autoregressive Conditional Duration Approach, Shouwei Liu, Yiu Kuen Tse

Research Collection School Of Economics

We propose to compute the Intraday Value-at-Risk (IVaR) for stocks using real-time transaction data. Tick-by-tick data filtered by price duration are modeled using a two-state asymmetric autoregressive conditional duration (AACD) model, and the IVaR is calculated using Monte Carlo simulation based on the estimated AACD model. Backtesting results for the New York Stock Exchange (NYSE) show that the IVaR calculated using the AACD method outperforms those using the Dionne et al. (2009) and Giot (2005) methods.

Financing Terrorism: A Look At The Past, Present, And Future Of Defunding Terror Organizations, Mitchell Wasmund

University Honors Program

Terrorism is a major problem facing governments across the globe in the 21st century. Terror organizations, domestic and international, are complex and vary in structure as well as how they are financed. By using various governmental and journalistic resources, this paper will examine four different terror organizations in how they are operated and financed. It will focus on what are the current practices by law enforcement officials to stop the sources of terror organizations’ funds. This paper will also examine future areas of concern related to where terror organizations will receive their financing in the future. The impacts of economic …

Managerial Segmentation Of Service Offerings In Work Commuting, Steven D. Silver

Faculty Publications

This study reports an implementation of procedures that multivariate methodology make available to assess the relative importance of attributes of service offerings to work commuters. Adaptive choice conjoint analysis was used to derive the importance weights of attributes in available service offering to a commuter sample. A clustering procedure was then used to define homogeneous sub-groups of the sample and the combination of demographic differences that discriminate clusters. Results of this assessment are used to indicate how a market in workcommuting can be segmented on the basis of user indications of the importance of attributes of service offerings.

Cognitive Reflection And The Diligent Worker: An Experimental Study Of Millennials, Brice Corgnet, Roberto Hernán-González, Ricardo Mateo

Economics Faculty Articles and Research

Recent studies have shown that despite crucially needing the creative talent of millennials (people born after 1980) organizations have been reluctant to hire young workers because of their supposed lack of diligence. We propose to help resolve this dilemma by studying the determinants of task performance and shirking behaviors of millennials in a laboratory work environment. We find that cognitive ability is a good predictor of task performance in line with previous literature. In contrast with previous research, personality traits do not consistently predict either task performance or shirking behaviors. Shirking behaviors, as measured by the time participants spent browsing …

The Next Wave Of Globalisation, Singapore Management University

Perspectives@SMU

As consumption patterns shift away from OECD countries to the developing world, businesses need to leverage on technology to overcome last-mile delivery obstacles

Behavioral Finance: Its History And Its Future, Robert Christopher Hammond

Selected Honors Theses

The field of behavioral finance has attempted to explain a litany of biases, heuristics, and

inefficiencies present in financial markets since its creation in the 1980’s. This paper is structured as a comprehensive literature review of behavioral finance, and includes both the seminal works as well as more recent papers. The various subtopics of behavioral finance will also be analyzed, which include loss aversion, corporate finance, and momentum/contrarian investing. Finally, this paper will draw unique conclusions across behavioral finance and hypothesize about what topics within behavioral finance are likely to yield the most interesting research in the near future.

2015 State Of The Commonwealth Report, James V. Koch, Vinod Agarwal, Barbara Blake-Gonzalez, Terry L. Clower, Vicky Curtis, Steve Daniel, Xavier Detagle, Larry "Chip" Filer, Tim Komarek, Feng Lian, Sharon Lomax, Cheng Luo, Wolfgang Mairinger, Alice Mcadory, Janet Molinaro, Jacqueline Sayward, Gary Wagner

Economics Faculty Books

This is the first State of the Commonwealth Report. It is jointly sponsored by the Strome College of Business at Old Dominion University and the Virginia Chamber Foundation. While the report represents the work of many people connected in various ways to the university, it does not constitute an official viewpoint of Old Dominion or it's president, John R. Broderick. Similarly, it does not represent the views of the Virginia Chamber of Commerce or it's president and CEO, Barry DuVal.

The goal of the report is to stimulate thought and discussion that ultimately will make Virginia an even better place …

Borderless Markets: A Boon Or Bane For Marketers?, Philip Charles Zerrillo

Asian Management Insights

Economic integration and free trade isnot always a panacea for businesses.

Testing For Multiple Bubbles: Limit Theory Of Real-Time Detectors, Peter C. B. Phillips, Shuping Shi, Jun Yu

Research Collection School Of Economics

This article provides the limit theory of real-time dating algorithms for bubble detection that were suggested in Phillips, Wu, and Yu (PWY; International Economic Review 52 [2011], 201-26) and in a companion paper by the present authors (Phillips, Shi, and Yu, 2015; PSY; International Economic Review 56 [2015a], 1099-1134. Bubbles are modeled using mildly explosive bubble episodes that are embedded within longer periods where the data evolve as a stochastic trend, thereby capturing normal market behavior as well as exuberance and collapse. Both the PWY and PSY estimates rely on recursive right-tailed unit root tests (each with a different recursive …

Testing For Multiple Bubbles: Historical Episodes Of Exuberance And Collapse In The S&P 500, Peter C. B. Phillips, Shuping Shi, Jun Yu

Research Collection School Of Economics

Recent work on econometric detection mechanisms has shown the effectiveness of recursive procedures in identifying and dating financial bubbles in real time. These procedures are useful as warning alerts in surveillance strategies conducted by central banks and fiscal regulators with real-time data. Use of these methods over long historical periods presents a more serious econometric challenge due to the complexity of the nonlinear structure and break mechanisms that are inherent in multiple-bubble phenomena within the same sample period. To meet this challenge, this article develops a new recursive flexible window method that is better suited for practical implementation with long …

Competition Of The Informed: Does The Presence Of Short Sellers Affect Insider Selling?, Massimo Massa, Wenlan Qian, Weibiao Xu, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We study how the presence of short sellers affects the incentives of the insiders to trade on negative information. We show it induces insiders to sell more (shares from their existing stakes) and trade faster to preempt the potential competition from short sellers. An experiment and instrumental variable analysis confirm this causal relationship. The effects are stronger for "opportunistic" (i.e., more informed) insider trades and when short sellers' attention is high. Return predictability of insider sales only occurs in stocks with high short-selling potential, suggesting that short sellers indirectly enhance the speed of information dissemination by accelerating trading by insiders. …

Cointegration Of Matched Home Purchases And Rental Price Indexes: Evidence From Singapore, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

This paper exploits the homogeneity feature of the Singapore private residential condominium market and constructs matched home purchase price and rental price series using the repeated sales method. These matched series allow us to conduct time series analysis to examine the long-term present value relationship in the housing market. Three key findings are obtained. First, we fail to establish a cointegrating relationship between the home purchase price and rental price based on nationally estimated indexes. Second, area-specific indexes demonstrate strong cross-correlations, invalidating the use of first generation panel unit root tests that ignore these cross-correlations. Third, Pesaran's CIPS test indicates …

Social And Economic Consequences Of Climate Change In Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The recently concluded review of the Millennium Development Goals (MGDs) shows that if the international community and its various stakeholders put their minds, resources and energy together for common shared cause, success is possible. Enormous progress has been made by mankind by reducing poverty from 47 percent to 15 percent within a span of 25 years. This example provides an auspicious setting for the possibilities at the Paris Climate Change Conference to be held in November 2015. The journey from COP in Berlin to COP21 in Paris has not been a smooth ride. The period was dominated by debate between …

The Politics Of Social Entrepreneurship In Cameroon, Aaron Danowski

Independent Study Project (ISP) Collection

Social entrepreneurship, a practice that combines nonprofit missions and business principles in pursuit of social impact, is a growing phenomenon that has the potential to empower millions of people around the world through a decentralized approach to social problem solving. In this paper, I examine the state of social entrepreneurship in Cameroon, exploring how social entrepreneurship is defined in the Cameroonian context by local actors, and the ways in which Cameroonian social entrepreneurs interact with macro, meso, and micro level politics and partners to create sustainable social impact. From November 7 through December 7, 2015, I conducted in-person interviews with …

Essays On International Risk-Return Trade-Off Relations, Liang Meng

Finance Theses & Dissertations

This dissertation consists of two essays on the international risk-return trade-off relations. The first essay is titled “The Role of the US Market on International Risk-Return Trade-Off Relations” and the second essay is titled “The Role of Investor Sentiment on International Risk-Return Trade-Off Relations”.

In our first essay, we study the intertemporal risk-return trade-off relations based on returns from 18 international markets. Our main contribution is that we find the US market plays an important role affecting the international risk-return trade-off. We present striking new empirical evidence that the inclusion of US market variables significantly changes the estimated risk-return trade-off …

The State Of The Region: Hampton Roads 2015, James V. Koch, Vinod Agarwal, Barbara Blake-Gonzalez, Christopher B. Colburn, Vicky Curtis, Steve Daniel, Larry "Chip" Filer, Tim Komarek, Feng Lian, Sharon Lomax, Cheng Luo, Wolfgang Mairinger, Alice Mcadory, Katrina Miller-Stevens, Janet Molinaro, Gary Wagner, Douglas M. Walker, Luke Watson, Shara Weber

Economics Faculty Books

This is Old Dominion University's 16th annual State of the Region report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion or it's president, John R. Broderick. The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a …

Dwelling In Time, Dwelling In Structures: Disintegration In World Politics, Jan Adam Nalaskowski

Graduate Program in International Studies Theses & Dissertations

This dissertation aims to propose a general theory of disintegration. This subject is not treated directly by some theoretical accounts and mistreated by others. European integration theories are fashioned to explain the greater integration process while game-theoretic approaches to withdrawals and secessions, even if treating disintegration directly, fail to include critically responsible factors. This dissertation offers a constructive criticism of both accounts. Since neither turning integration theories symmetrically around nor direct, game-theoretic assessment of disintegration help to provide sufficient explanation, it is suggested that the problem of symmetrical reversal and rational conduct must be revised.

Disintegration fails to follow the …